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Higher Rates Lead to Drop in Mortgage Applications
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An across-the-board increase in mortgage interest rates accompanied a decline in loan applications, according to the Mortgage Bankers Association.
The market composite index decreased 4.1% on a seasonally adjusted basis for the week ending April 22 compared with the previous week. Meanwhile, the refinance index dropped 5% in that same time.
The seasonally adjusted purchase index similarly fell 2%. But on an unadjusted basis, purchase activity is 14% higher than for the same week last year.
The refinance share of mortgage activity slipped to 54.4% of total applications from 55.4% a week earlier. The VA share of total applications also decreased, dropping to 12.2% from 12.6% the week before.
The adjustable-rate mortgage and FHA shares of total applications increased to 5.2% and 12.3%, respectively. The USDA share stayed put at 0.8%.
Average contract rates for all mortgages rose, the MBA reported.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) rose two basis points to 3.85%, while the average rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased a single basis point to 3.78%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA lifted two basis points from last week to 3.66%.
The 15-year fixed-rate 5/1 adjustable-rate mortgage showcased the most pronounced increases. The average rate for a 15-year fixed-rate mortgage expanded three basis points to 3.09%. And the average rate for 5/1 ARMs jumped 11 basis points week-over-week to 3.02%.
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Higher Rates Lead to Drop in Mortgage Applications
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